Choosing the best health insurance plan is one of the most challenging decisions in personal finance. It’s one of the vital steps that cannot be avoided.
Today, the lifestyle we are enjoying is producing more health problems. That’s the reason you should have a health insurance.
What is Health Insurance?
Health insurance policy is a contract between the insurer and policyholder in which the insurer covers the expenses of medical treatment of the policyholder.
It provides reimbursement of medical expenses and cashless treatment to its customers.
At the time of choosing a policy, the policyholder needs to understand the variety of offers offered by different insurers, As more and more people are becoming vulnerable to lifestyle diseases.
Without wasting your time, let’s get into the top health insurance plans in India.
Top Health Insurance Plans in India 2024
1. Max Bupa Health Companion Individual Health Insurance Policy
At the time of an emergency, this is the ultimate source of one’s financial support. It came into existence as a joint venture in 2008. This has grown so fast and to fulfill all the healthcare needs of the customers.
It provides different types of health insurance policies like individual health insurance, Family floater insurance policy, Top-up insurance cover and senior citizen health plans.
Claim settlement ratio of Max Bupa is 92% and a high ICR of 54%. MaxBupa has over 5000+ hospitals in its network. It doesn’t cover expenses incurred due to Self-harm.
It is available for individuals and families. Anyone above the age of 91 days can be covered under this policy.
Pros
- It cover for sum insured from Rs. 3 Lakhs to Rs.1 crore
- It gives a lifetime renewability option
- It provides more than 4500 network hospitals
- It also covers 30 and 60 days pre and post hospitalization expenses respectively
Cons
- It doesn’t cover OPD expenses
- It doesn’t cover expenses incurred from the treatment of HIV/AIDS
- It doesn’t cover LASER and eye-based treatment
2. Care Plan by Care Health Insurance (Religare Health Insurance)
Care Plan by Care Health Insurance(Religare Health Insurance) health insurance policy is designed to offer financial protection to you and your family members in case of any medical expenses incurred from any injury, illness, or accidents. This policy makes you sure of getting the best medical treatment in India.
It provides 92% Claim Settlement Ratio along with cashless treatment in over 5420 network hospitals. It gives in-house claim settlement with an annual medical check-up facility for all the insured members.
To meet the health concerns of its customers, it provides various riders benefit. Anyone above the age of 91 days can be covered under this policy.
Pros
- It covers for sum insured from Rs. 4 Lakhs to Rs. 6 Crore
- It covers 30 and 60 days pre and post hospitalization expenses respectively
- It also covers domiciliary hospitalization expenses for up to a specified limit
- It provides a global cover on a cashless basis across a network of hospitals
- It provides more than 7800 network hospitals
Cons
- It doesn’t cover expenses incurred from Congenital diseases
- It doesn’t cover expenses incurred from an addiction such as alcohol, tobacco, etc
- It doesn’t cover expenses for treatment of AIDS
3. HDFC ERGO Optima Restore Family Plan
In today’s era where medical emergencies are at the rise, It is one of the most popular health insurance offered by Apollo Munich.
This policy is for people who are distinctively looking for advanced features like Restoration, Multiplier, Stay health benefit, Lifetime renewability, No claim bonus up to 50% Critical illness cover, No co-payment, etc.
It provides its customers to avail cashless services at over 4500 network hospitals across the country as well as Tax benefits to avail for the premium paid for HDFC ERGO health Optima Restore Family Floater Plan.
It provides annual health check-up facility with a maximum of 6 members that can be covered, including dependent children, parents and in-laws.
To meet the health concerns of its customers, it provides riders cover for sum insured Rs.10 lakhs or more. Anyone who is between the age of 91 days and 65 years can be covered under this policy.
Pros
- It covers for sum insured from Rs. 3 Lakhs to Rs. 50 Lakhs
- It gives a lifetime renewability option
- It covers pre and post hospitalization expenses respectively
- It provides 100% increase in sum insured for every 2 claim- free years
- It provides more than 10,000 network hospitals
Cons
- It doesn’t cover mental disorders
- It doesn’t cover expenses incurred from Cosmetic Surgeries
- It doesn’t cover expenses incurred from treatment of HIV/AIDS
- It doesn’t cover expenses incurred from the treatment of addictive substances like alcohol, tobacco, etc
- It doesn’t cover expenses for any treatment within an initial 30 days from purchase of the policy
4. Star Family Health Optima Health Insurance
Star Family Health Optima health insurance can be considered as a super saver health insurance that covers the entire family under a single plan at a nominal premium.
Due to the desk-bound lifestyle, everyone is now vulnerable to health issues while the cost of medical treatment is quite excessive now. This comprehensive plan is an affordable one to make its customers help themselves to insure their entire family.
For their customers who are above the age of 50 years, it provides pre-medical check-ups at the registered diagnostic centers and also its cost is borne by the insurer.
It gives compensation after 48 months of continuous coverage with any insurance providers. Anyone between the age of 16 days to 25 years can be covered under this policy.
Pros
- It covers for sum insured from Rs. 3 Lakhs to Rs. 25 Lakhs
- It covers for all In-patient hospitalization expenses
- It provides more than 9900 network hospitals
- It covers all daycare procedures
Cons
- It doesn’t cover expenses for vaccination except for post-bite and other medical treatment
- It doesn’t cover expenses incurred from injuries due to warlike situation
- It doesn’t cover expenses incurred due to self-harm
- It doesn’t cover expenses incurred for the treatment of any sexually transmitted diseases
- It doesn’t cover expenses for dental treatments
5. Tata AIG Health Insurance
Tata AIG is a trusted 20-year-old health insurance company, which came into existence as a joint venture between Tata Group and American international Group Company.
It carries a AAA rating by ICRA for ability to play claims. It has grown to one of the most preferable private health insurance companies in India.
It provides a wide range of health insurance products for individuals as well as businesses. It has a wide network of 200 offices in India. It consistently provides its customers with superior experiences with latest innovative technologies.
Anyone aged 5 years onwards can be covered under this policy. It provides Incurred Claim Ratio of 78% along with lifetime renewability with 4 years of waiting period. You can also avail Tax benefit under section-80D of IT Act. It provides its customers with cashless hospitalization for 3000+ network hospitals.
Pros
- It covers the sum insured from Rs. 3 Lakhs to Rs. 20 Lakhs
- The individual death claim ratio is 99.06%
- It provides access to more than 5800 network hospitals
- It covers for all In- patient hospitalization expenses
- It provides domiciliary hospitalization expenses
- It gives a lifetime renewability option
Cons
- Aged 5 years onwards can cover under this policy
I hope this post helps you to pick the best health insurance policy in India. Now, you can move one step ahead and choose the health insurance plan.
So, get your health insurance done today.
Manish Sharma
https://financex.inI'm tech-savvy, loves to write about saving, investing and proper financial planning. Also, I am a blogger, share everything with 100% transparency and the best of my knowledge.